Saturday, March 2, 2024

Study: Firms that invest on tech earn twice than ‘laggards’

Tech outsourcing giant Accenture recently revealed the results of its study, which revealed companies that invest in technology grow more than twice in revenue compared to slow-adopting competitors.

Accenture Philippines technology lead and global lead for AI capability Ambe Tierro during a press briefing. Photo credit: Strategic Edge Inc.

“We surveyed more than 8000 executives. This is global, across 20 countries and 20 industries, so it’s quite broad. About 2,300+ of those executives are based in Southeast Asia, so including the Philippines,” explained Ambe Tierro, Accenture Philippines technology lead and global lead for AI capability.

As Accenture’s largest ever enterprise IT survey, the study covered both the pre-existing and emerging technologies that include Artificial Intelligence (AI), blockchain, and even Extended Reality. Companies were scored in three key factors – technology adoption, technology adoption depth, and the organizational and cultural readiness.

“Not surprisingly, the finding is that we can almost separate the companies into two now; the Leaders and the Laggards. The Leaders represent the top 10% in terms of revenue and then the Laggards are the bottom 25%. You can see that the Leaders are those who adopt innovation and technology at a faster pace. They have people and cultural practices in their organizations that allow for the technology to permeate,” said Tierro.

Bhaskar Ghosh, group chief executive for Accenture Technology Services, said in a statement that today’s companies invests significant amounts in new technology with only a few able to realize the benefits that come with these investments.

Laggards deploy technology in pockets with no scaling strategy backing them which leads to falling behind against their competitors.

 “Our newest study reveals that the world’s leading companies are investing in boundaryless, adaptable, and radically human systems to maximize innovation, business performance, and value. While there is no fixed end point in the race to success, these attributes yield a competitive advantage and helps close the innovation achievement gap,” added Ghosh.

Being boundaryless is one of the three key traits of Leaders which pertains to having a cloud solution early in the process chain, flexible architectures, and interoperable systems. To achieve being adaptable, Laggards must be able to abandon traditional operations that lack flexibility, leverage on AI and automation, trust the adaptive systems, and employ a data-centric approach for important decisions.

Lastly, radically human systems lie in the development of human-centered design processes. To break through organizational and cultural boundaries, meanwhile, companies must embed an end-to-end ownership culture instead which spans from the initial idea stage to user experience.


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